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The company was created by comic book artist Michael Turner in January 2003. The name "Aspen" comes from the main character in Turner's comic series, Fathom, with "MLT" standing for Turner's full name, Michael Layne Turner. Aspen MLT released the fantasy adventure Soulfire in 2004, its first ongoing series. 2005 marked the return of Fathom (originally published by Image Comics) with comic artist Koi Turnbull taking over the illustration of the title. Ekos, a collaboration between Turner and Geoff Johns was scheduled to follow shortly after Soulfire, but was still unreleased prior to Turner's death in 2008.

Aspen MLT has worked together with both DC Comics and Marvel Comics on major cross-company collaborations. The most well-known are DC's Superman: Godfall and Superman/Batman: Supergirl, where creators of Aspen MLT worked together with DC to create art and story for these comics. Following this, both DC and Marvel contracted Michael Turner to produce covers for their series.